TIVAN LIMITED — Capital/Financing Update 2025

Sep 1, 2025

==> picture [596 x 125] intentionally omitted <==

2 September 2025

Further excellent testwork results for Speewah Fluorite Project Preliminary ore sorting testwork highlights potential to improve project economics

• Excellent testwork results continue to be delivered for the Speewah Fluorite Project in Western Australia in support of Feasibility Study flowsheet design and engineering.

• The latest comminution and flotation testwork program has returned grades of up to 99% CaF2 (versus acidgrade product standard of 97% CaF2) using new drill core obtained from the Q4 2024 drilling campaign, reinforcing flowsheet design.

• Preliminary ore sorting testwork has also been completed delivering excellent outcomes, demonstrating rejection of 56% feed to the sorter with low fluorite losses.

• Ore sorting offers potential to reduce process plant equipment sizing, water consumption, tailings tonnages, operating costs and sustaining capital costs.

• Tivan has engaged Lycopodium and Orway Mineral Consultants to prepare a concept study for the introduction of ore sorting into the process flowsheet.

• Acidgrade fluorite product samples are also being prepared by Tivan for end-users in Asia as part of the offtake marketing program with Sumitomo Corporation.

• Tivan is advancing development planning for the project for a mining and processing operation of fluorite ore to produce acid grade fluorspar for export into global markets, in joint venture with Sumitomo Corporation and Japan Organization for Metals and Energy Security (JOGMEC).

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to advise that Tivan has continued to deliver excellent testwork results as part of the program developed in support of Feasibility Study (“FS”) design and engineering for the Speewah Fluorite Project (“Project”) in Western Australia. Acidgrade fluorspar grades of up to 99% calcium fluorite (CaF2) were achieved, relative to the product standard specification of 97% CaF2, using diamond core sourced from the Q4 2024 drilling campaign (see ASX announcement of 8 November 2024).

The testwork results validate the previously announced outcomes of the 2024 optimisation program which delivered grades of up to 98.8% CaF2 (see ASX announcement of 19 March 2025).

Results of the testwork program are being incorporated into the FS underway for the Project and will support development of further metallurgical testwork required for the Definitive Feasibility Study (“DFS”) that will follow.

In addition, the Board of Tivan is pleased to advise that preliminary testwork has been completed to assess the amenability of the Speewah orebody to ore sorting technology. Ore sorting is a dry physical beneficiation process that is commonly used in the fluorite industry for upgrading crushed ore. For the Speewah Fluorite Project, ore sorting offers an opportunity to reject gangue (non-ore material) ahead of milling. The results from the ore sorting sighter test were very promising, achieving 56% mass rejection on a -31.5+10 mm sample.

==> picture [596 x 69] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Tivan is now investigating the potential for the introduction of ore sorting technology into the process flowsheet. Ore sorting offers a range of potential development, operational and economic benefits to the Project, including reduction of process plant equipment sizing (including the mill), water consumption, tailings tonnages, operating costs and sustaining capital costs, as well as a reduction in environmental impacts, including carbon emissions.

Testwork Overview

The core activities undertaken as part of this phase of testwork focused on the following key areas:

• Variability testwork - to test different deposit lithologies and locations in support of FS engineering.

• Optimisation testwork - to investigate the impact of alternative plant feed grades.

• Ore sorting testwork - to assess potential for upgrading ore feed to the process plant.

The samples for testwork were prepared from four PQ diamond holes (SFM24_005, SFM24_006, SFM24_012 and SFM24_018) located in the A Vein of the deposit, sourced from the Q4 2024 drilling campaign (see Figure 1 below). The 2025 drilling campaign that is currently being progressed will provide additional drill core and samples across the full length of the deposit, in support of further planned testwork.

==> picture [503 x 356] intentionally omitted <==

Figure 1: PQ Diamond Hole Locations

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Sample preparation for the variability testwork involved a number of steps as detailed below. Selected intervals were crushed to -31.5 mm and homogenised to form composites representative of the vein and stockwork lithologies. Six of the composites were subjected to comminution testing including:

• Abrasion index (“Ai”)

• Bond Ball Work index (“BBWi”)

• SAG Mill Comminution (“SMC”) tests

The vein and stockwork composites were then blended to form composites with varying head grades from 12.3% CaF2 to 20.3% CaF2. These composites were prepared for the following:

• Rougher and cleaner deposit variability testing

• Head grade variability testing

• Rougher and cleaner optimisation testwork

• Initial ore sorting testwork

• Sample preparation for end-users

For the ore sorting testwork sample preparation, a composite was prepared with a head grade of 14.4% CaF2 which is lower than the life-of-mine-head grade of 17.25% CaF2 used in the July 2024 Pre-Feasibility Study (“PFS”) (see ASX announcement of 30 July 2024). The composite was screened at 10 mm, and the oversize (-31.5+10 mm) product was transported to ore sorting technology vendor TOMRA for the initial testwork.

Variability and Optimisation Testwork

The current phase of variability and optimisation testwork commenced in January 2025 and included both comminution and flotation testwork for the newly acquired core samples. All comminution and flotation testwork scopes have been conducted at ALS Metallurgy in Balcatta, Western Australia.

Comminution

Comminution testwork was completed for six samples in this program. The purpose of these tests was to acquire additional data to support and validate the PFS comminution circuit design. The BBWi, SMC and Ai data were in agreeance with historic data, resulting in only minor changes to the process design criteria. The results have provided initial validation of the selected comminution flowsheet.

Flotation Variability Program

The tests from this program were intended to both investigate deposit variability and validate the 2024 optimisation program outcomes (see ASX announcement of 19 March 2025). The following conclusions were notable:

• Baryte rejection targets were achieved for all samples, including samples with elevated baryte. This is an excellent outcome which demonstrates areas of the deposit with elevated baryte can be processed.

• Iron rejection targets were achieved for all samples with elevated iron, validating that the flotation parameters are suitable for processing the high iron lithology which constitutes 26% of the deposit.

• Calcite and metal oxide targets were met for all of the samples tested.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

• SiO2 targets were met in one trial (refer below to the further flotation optimisation program results in addressing this outcome).

• Fluorite grades were mostly within the 97% specification, with Si as the main impurity in tests where the target specification was not achieved.

Flotation Optimisation and End-User Sample Preparation Program

After review of the initial flotation results, a new testwork program was commissioned and a master composite was prepared from the same four holes as the variability program. The new testwork program was designed to address some differences seen in flotation behaviour for the 2024 PQ core. The final goal for this program is to prepare acidspar samples for potential end-users in Asia as part of the Project’s offtake marketing program with Sumitomo Corporation.

The changes introduced in this program realised immediate improvements in silica rejection. The grade and recovery data for the initial optimisation tests are summarised in Table 1 below. The initial results are excellent, achieving both the grade and recovery targets for the testwork program. More optimisation tests are planned to refine the rougher and cleaner flotation process further.

The following excellent outcomes were observed:

• Demonstrated preparation of acidspar with ore head grades aligned with ROM head grade, de-risking the mine plan.

• Achieved comparable results to the 2024 optimisation program, providing initial validation of those outcomes (see ASX announcement of 19 March 2025).

• Utilising ore from the same holes as the variability tests, these tests demonstrated that the unanticipated SiO2 rejection in the variability trials could be resolved with minor modifications to the testwork parameters.

Trial ID	**CaF23 **	**CaF23 **	Ba %	Stotal %	Fe %	**SiO2 %1 **	**CaCO3 % **
	Grade %	Recovery %
GJ2445	99.0	85.2	0.05	0.04	0.03	0.61	Below LOD
GJ2444	99.0	84.7	0.04	0.02	0.02	0.72	Below LOD
GJ2443	98.4	87.1	0.07	0.03	0.03	1.05	0.25
GJ24462	98.4	67.9	0.06	0.02	0.01	1.31	Below LOD

Table 1: Acidspar optimisation tests

LOD – Limit of detection

1 The improving SiO2 grade observed between the tests is due to modifications of the grind size.

2 GJ2446: Waiting on results from a repetition trial, with an aim to reassess the recovery at this coarser grind size.

3 Fluorite grades and recoveries calculated based on impurities (see JORC Table 1 for details).

The recoveries presented in Table 1 are lower than the PFS design fluorite recovery of 90% and are an outcome of achieving a premium specification. The grade recovery curve for trial GJ2443 is presented in Figure 2 below: GJ2443 was selected for this example as the trial parameters are representative of the FS process design. The graph compares process recoveries for target grades of 97%, 98% and 98.4% CaF2. Fluorite rejected in the cleaner circuit is an opportunity for metspar recovery. An update for the metspar option development is provided below.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

==> picture [390 x 239] intentionally omitted <==

Figure 2: Trial GJ2443 grade recovery curve

Ore Sorting Testwork

Ore sorting is a dry physical beneficiation process that is commonly used in the fluorite industry for upgrading crushed ore. For the Speewah Fluorite Project ore sorting is an opportunity to reject gangue (non-ore material) ahead of milling, offering the following potential benefits:

• Smaller mill sizing.

• Reduced environmental impacts including:

• ➢ Reduced water consumption

• ➢ Smaller tailings storage facility

• ➢ Less power consumption and carbon emissions

• ➢ Rejected gangue can potentially be reutilised for civil works during operations.

• Reduced gangue rejection requirements for the rougher flotation circuit, potentially improving circuit reliability.

• • Potential for smaller rougher flotation circuit.

• Opportunity to lower the cut-off grade without modifying the pit shell to increase total fluorite production.

• Sustaining capital and operating cost reductions.

A 25 kg ore sample was processed in TOMRA’s COM tertiary XRT system at their laboratory in New South Wales. The processed images of the test rejects, and the fluorite concentrate, are shown in Figure 3 below, where the blue is the target mineral.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

==> picture [238 x 230] intentionally omitted <==

==> picture [240 x 230] intentionally omitted <==

Figure 3: Left: Ore sorter gangue rejects; Right: ore sorter fluorite product

The test successfully rejected 56% of the feed, resulting in an upgrade ratio of 1.8. As a percentage of the initial composite, the total fluorite rejected was 8.4% in the ore sorting test; however, subsequent downstream testwork indicates that a large proportion of the rejected fluorite would have otherwise been rejected by rougher and cleaner flotation and the true fluorite rejection percentage is therefore anticipated to be lower.

The upgraded fluorite concentrate was homogenised with the screen undersize (-10 mm) and subjected to rougher and cleaner flotation testwork. The grades of both acidspar products were ~94% CaF2 (F assay basis), which was below the target (97% CaF2) for the program. However, both tests had fluorite grade-recovery curves that support the conclusion that there is very high potential to meet the target acidspar grade with some optimisation of the flotation conditions. Work to address this is planned to be completed in Q4 2025.

Metallurgical Grade Fluorite By-Product

An opportunity to produce a metspar by-product was identified by Tivan and announced in the Speewah Fluorite Project PFS (see ASX announcement of July 2024). Lycopodium have now completed the concept study for three process flowsheet options and Tivan have selected one of the three options to be engineered for the FS. At this stage the metspar opportunity has undergone less testwork and engineering development compared to the rest of the flowsheet.

A testwork program is in planning for the cleaner flotation tailings generated from the end-user sample generation program described above.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Next Steps

Following completion of the current phase of testwork, the Company is planning the following related initiatives:

Ore Sorting Concept Study

Lycopodium and Orway Mineral Consultants have been engaged to prepare a concept study for the introduction of ore sorting into the process flowsheet. This study is being conducted in parallel with the FS and will conclude around the same time. The concept study will inform the decision on how to proceed with ore sorting and the Project flowsheet.

Sample Generation for End-Users

Optimisation testwork will continue into Q4 this year and will conclude with the preparation of acidspar samples for potential end-users in Asia.

Definitive Feasibility Study Testwork

Drill core from the current 2025 drilling campaign will be utilised for an expanded variability testwork campaign and ultimately for piloting. The results from these testwork programs will support engineering design for the DFS through to a Final Investment Decision.

Metallurgical grade fluorite (metspar)

An opportunity to produce a metspar by-product was identified by Tivan and announced in the PFS (see ASX announcement of 30 July 2024). Tivan are progressing the investigations into this opportunity with testwork and will update findings as part of the FS.

Tivan Executive Chairman Mr Grant Wilson commented:

“ Tivan is making sustained progress in de-risking the Speewah Fluorite Project and in building a new, critical export sector for Australia. By advancing the testwork program to a premium specification, we are providing strong support to the project’s marketing campaign in Asia, which is already well underway through our joint venture partner, Sumitomo Corporation.

Ore-sorting has emerged as a potentially viable development option through mid-year. As the opportunity is significant, our team is hard at work in assessing feasibility and in creating pathways to integrate the technology into the Project’s flowsheet. We look forward to providing further updates in this important area in due course, including in terms of applicability to the Sandover Fluorite Project.”

This announcement has been approved by the Board of the Company.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Inquiries:

Nicholas Ong

Company Secretary: + 61 8 9486 4036 Email: nicholas.ong@tivan.com.au

Elena Madden

True North Strategic Communication (Darwin): + 61 8 8981 6445 Email: elena@truenorthcomm.com.au Ends

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Competent Person’s Statement

Tivan’s exploration activities for the Speewah Fluorite Project are being overseen by Mr Stephen Walsh (BSc). The information that relates to exploration results in this announcement is based on and fairly represents information and supporting documentation prepared and compiled by Mr Walsh, a Competent Person, who is the Chief Geologist and an employee of Tivan, and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Walsh has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Walsh consents to the inclusion in this announcement of the matters based on information compiled by him in the form and context which it appears.

Speewah Fluorite Exploration Results

The information in this announcement that relates to exploration results for the Speewah Fluorite Project has been extracted from the Company’s previous ASX announcements entitled:

• "Pre-Feasibility Study for Speewah Fluorite Project" dated 30 July 2024.

• “Commencement of Drilling at the Speewah Fluorite Project" dated 8 November 2024.

• “Speewah Fluorite Project delivers excellent testwork results” dated 19 March 2025.

Copies of the announcements are available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. Tivan confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

Speewah Fluorite Project – Production Target and Forecast Financial Information

This announcement includes information extracted from the Company’s ASX announcement entitled “Pre-Feasibility Study for Speewah Fluorite Project” dated 30 July 2024 in relation to a production target and forecast financial information disclosed in the Pre-Feasibility Study (“PFS”) for the Speewah Fluorite Project. A copy of the announcement is available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target disclosed in the announcement dated 30 July 2024 and titled “Pre-Feasibility Study for Speewah Fluorite Project” continue to apply and have not materially changed.

Forward looking statement

This announcement contains certain “forward-looking statements” and comments about future matters. Forwardlooking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “estimate”, “target”, “outlook”, and other similar expressions and include, but are not limited to, the timing, outcome and effects of the future studies, plans, programs, budgets, project development and other work. Indications of, and guidance or outlook on, future exploration and development, earnings, financial position, performance of the Company or global markets for relevant commodities are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this announcement speak only as of the date hereof, are preliminary views and are based on assumptions and

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

contingencies subject to change without notice. Forward-looking statements are provided as a general guide only. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors and may involve significant elements of subjective judgement and assumptions that may cause actual results, performance and achievements to differ. Except as required by law the Company undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements in the future, regardless of whether new information, future events or results or other factors affect the information contained in this announcement.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

JORC Code, 2012 Edition - Table 1 Report

		SECTION 1 SAMPLING TECHNIQUES AND DATA
Criteria	**JORC Code explanation **		Commentary
Sampling techniques	•	Nature and quality of sampling (eg cut channels, random chips,	•	Testwork was performed on
		or specific specialised industry standard measurement tools		composited half core PQ diamond core
		appropriate to the minerals under investigation, such as down		from the 2024 diamond drilling
		hole gamma sondes, or handheld XRF instruments, etc). These		program.
		examples should not be taken as limiting the broad meaning of	•	Diamond core was drilled and sent to
		sampling.		Australian Laboratory Services (ALS) to
	•	Include reference to measures taken to ensure sample		be cut to quarter core for assay
		representivity and the appropriate calibration of any		purposes.
		measurement tools or systems used.	•	Sample intervals were 1m, with minor
	•	Aspects of the determination of mineralisation that are Material		variations to honour logged geology
		to the Public Report.		contacts.
	•	In cases where ‘industry standard’ work has been done this	•	Samples were crushed (CRU-21) and
		would be relatively simple (eg ‘reverse circulation drilling was		pulverized (PUL-23: 85% passing
		used to obtain 1 m samples from which 3 kg was pulverised to		75um).
		produce a 30 g charge for fire assay’). In other cases more
		explanation may be required, such as where there is coarse
		gold that has inherent sampling problems. Unusual
		commodities or mineralisation types (eg submarine nodules)
		may warrant disclosure of detailed information.
Drilling techniques	•	Drill type (eg core, reverse circulation, open-hole hammer,	•	Diamond drilling contractor for core
		rotary air blast, auger, Bangka, sonic, etc) and details (eg core		utilised in this program was DDH1.
		diameter, triple or standard tube, depth of diamond tails, face-	•	The diamond core is PQ sized.
		sampling bit or other type, whether core is oriented and if so, by
		what method, etc).
Drill sample recovery	•	Method of recording and assessing core and chip sample	•	Core loss was measured for each
		recoveries and results assessed.		drilling run and recorded.
	•	Measures taken to maximise sample recovery and ensure	•	Recoveries were determined to be very
		representative nature of the samples.		good (~98%).
	•	Whether a relationship exists between sample recovery and	•	Core assays are not reported in this
		grade and whether sample bias may have occurred due to		announcement.
		preferential loss/gainof fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and	•	The core was logged to a level
		geotechnically logged to a level of detail to support appropriate		consistent with industry standards and
		Mineral Resource estimation, mining studies and metallurgical		appropriate to support a Mineral
		studies.		Resource Estimate.
	•	Whether logging is qualitative or quantitative in nature. Core (or	•	Logging was both quantitative and
		costean, channel, etc) photography.		qualitative.
	•	The total length and percentage of the relevant intersections	•	Core photography was completed by
		logged.		ALS (wet and dry).
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	Core cutting to quarter core was
techniques and sample		core taken.		completed by ALS. ¼ core was
preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and		submitted for analytical purposes, with
		whether sampled wet or dry.		½ core available for metallurgical test
	•	For all sample types, the nature, quality and appropriateness of		work and ¼ core retained for core
		the sample preparation technique.		storage.
	•	Quality control procedures adopted for all sub-sampling stages	•	The ¾ core was then transferred to
		to maximize representivity of samples.		ALS Metallurgy where selected
	•	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.		intervals of ½ core were sub-sampled crushed and homogenised to form composites for testing.
	•	Whether sample sizes are appropriate to the grain size of the
		material being sampled.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Quality of assay data	•	The nature, quality and appropriateness of the assaying and	For	the testwork program reported in this
and laboratory tests		laboratory procedures used and whether the technique is	announcement:
		considered partial or total.	•	Sample analyses in the program were
	•	For geophysical tools, spectrometers, handheld XRF		conducted by X-Ray Fluorescence
		instruments, etc, the parameters used in determining the		(“XRF”) at ALS Global.
		analysis including instrument make and model, reading times,	•	Select samples were also analysed for
		calibrations factors applied and their derivation, etc.		total carbon, organic carbon and
	•	Nature of quality control procedures adopted (eg standards,		sulphide S with a CS2000.
		blanks, duplicates, external laboratory checks) and whether	•	Standards, blanks and duplicates were
		acceptable levels of accuracy (ie lack of bias) and precision		utilised as per the laboratories standard
		have been established.		QAQC procedures.
			Flotation testwork
			•	All sample preparation and flotation
				testwork is conducted at ALS
				Metallurgy, Balcatta, Western Australia
			•	Flotation tests have been conducted
				with Perth tap water.
Verification of sampling	•	The verification of significant intersections by either	•	Assays are received in digital format
and assaying		independent or alternative company personnel.		and stored on a server.
	•	The use of twinned holes.	•	CaF2grades calculated by F (%) x
	•	Documentation of primary data, data entry procedures, data		2.055.
		verification, data storage (physical and electronic) protocols.	•	CaCO3grades calculated by inorganic
	•	Discuss any adjustment to assay data.		C (%) * 8.33
				o CaCO3assumed to be
				0.125% where inorganic C is
				below LOD (0.03%)
			•	For final cleaner fluorite concentrate
				products, unless otherwise noted, CaF2
				grade presented on basis of [CaF2(%)
				= 100% – impurities (%)] where, the
				impurities are SiO2, BaSO4, Fe2O3,
				CaCO3, Cu, K2O, MgO, TiO2, Corgand
				S.sulphide
				o Where assay is below LOD,
				composition taken as half
				LOD
Location of data points	•	Accuracy and quality of surveys used to locate drill holes (collar	•	Drill collars were located by handheld
		and down-hole surveys), trenches, mine workings and other		GPS.
		locations used in Mineral Resource estimation.	•	The adopted grid system is GDA 20
	•	Specification of the grid system used.		Zone 52.
	•	Quality and adequacy of topographic control.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	Data spacing is between 10 m and 80
distribution	•	Whether the data spacing and distribution is sufficient to		m along strike at surface and between
		establish the degree of geological and grade continuity		20 m and 80 m at 100 m depth. Veins
		appropriate for the Mineral Resource and Ore Reserve		have also been intersected at a depth
		estimation procedure(s) and classifications applied.		of 400 m in approximately 1 km spaced
	•	Whether sample compositing has been applied.		drilling. 80 m strike spacing is sufficient
				to establish inferred continuity. 40 m is
				typical of indicated material. No
				measured resource has been allocated.
			•	Data reporting in this announcement is
				not being utilised to establish geological
				or grade continuity for the purposes of
				Mineral Resource and Ore Reserve
				estimation. No data is currently applied
				for these estimation procedures or
				classifications.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Orientation of data in	•	Whether the orientation of sampling achieves unbiased	•	Holes are typically drilled across the
relation to geological		sampling of possible structures and the extent to which this is		strike of the sub-vertical mineralisation
structure		known, considering the deposit type.		intersecting at dip angles between 10
	•	If the relationship between the drilling orientation and the		and 70 degrees.
		orientation of key mineralised structures is considered to have	•	The relationship between the drilling
		introduced a sampling bias, this should be assessed and		orientation and the origination of key
		reported if material.		mineralised structures is not considered
				tohaveintroduced a sampling bias.
Sample security	•	The measures taken to ensure sample security.	•	The core was stored at a secure camp
				before transportation to ALS in Perth for
				assays.
			•	The core was then transported to ALS
				Balcattafor metallurgicaltestwork.
Audits or reviews	•	The results of any audits or reviews of sampling techniques	•	No external audits have been
		and data.		completed.
		SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria		JORC Code explanation		Commentary
Mineral tenement and	•	Type, reference name/number, location and ownership	•	The Speewah Fluorite Resource is
land tenure status		including agreements or material issues with third parties such		encompassed by tenement M80/269
		as joint ventures, partnerships, overriding royalties, native title		with an expiry date of 21/05/2031
		interests, historical sites, wilderness or national park and		owned by “Fluorite SPV Pty Ltd” which
		environmental settings.		is 92.5% owned by Tivan with Japan
	•	The security of the tenure held at the time of reporting along		Fluorite Corporation owing the
		with any known impediments to obtaining a licence to operate		remaining 7.5%.
		inthe area.
Exploration done by	•	Acknowledgment and appraisal of exploration by other parties.	•	The deposit has been explored by
other parties				numerous parties from 1970 to the
				present. A comprehensive record of this
				exploration is contained in the Western
				Australian department of Energy,
				Mimes, Industrial regulation and Safety
				– online systems Mineral exploration
				reports (WAMEX) at
				https://www.dmp.wa.gov.au/WAMEX-
				Minerals-Exploration-1476.aspx
			•	The most significant of these
				companies are:
				➢ Great Bounder Mines / North
				Kalgurlie Mines
				➢ Elmina N.L.
				➢ Speewah Resources
				➢ Doral Resources
				➢ NiPlats
				➢ KingRiverCopper
Geology	•	Deposit type, geological setting, and style of mineralisation.	•	The Greenvale Fault forms the eastern
				margin of the Kimberley Block and
				consists of a series of intersecting
				faults. Fluorite mineralisation is mainly
				hosted by north northeast and north
				trending faults within the Greenvale
				Fault, with minor occurrences along
				north trending normal faults within the
				Speewah Dome. The Early Proterozoic,
				Valentine Siltstone and Lansdowne
				Arkose of the Speewah Group host
				most of the mineralisation and outcrop
				as linear north northeast trending
				ridges. These sediments dip 10° to 20°
				to the SE. The other majorunit exposed

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

	in the core of the dome is the Hart
	Dolerite (1703Ma), which was
	emplaced as a sill predominantly within
	the Valentine Siltstone.
•	The predominantly white fluorite
	mineralisation occurs mainly within
	tabular steeply dipping veins showing
	very good strike continuity often over
	several hundred metres in length. The
	veins range in thickness from less than
	1m to 15m, often flanked by lower
	grade stockwork and stringer veins,
	forming an overall envelope up to 50m
	wide.
•	The fluorite veins have been mapped in
	three prospect areas known as Main
	Zone, West Zone and Central Zone
	over an area of approximately 160km2.
	Potential also exists under soil covered
	areas and in steep topographical areas
	within the district. In the Main Zone, at
	least nine fluorite vein sets have been
	mapped over a strike length of 8km.
•	The following description is after
	Crossing 2004 and SRK’s observations
	concur with the various mineralisation
	settings described.
•	Fluorite is associated with quartz-
	feldspar veining but is younger. It
	occurs in the various settings previously
	discussed:
•	Large, persistent veins occupying the
	main northerly and northeasterly
	trending structures.
•	Fault breccias and brecciated veins
	occupying the main structures.
•	Stockworks and breccias hosted
	preferentially by the sandstone and to a
	lesser extent by the dolerites adjacent
	to the main structures.
•	En-echelon vein sets trending
	northwesterly between structures.
•	En-echelon vein set trending northeast
	(rare).
•	Thin persistent veinlets following
	jointing mainly in the siltstones (rare).
•	Thin persistent veinlets following
	bedding planes in the siltstones (rare).
•	The larger veins range in thickness up
	to 15 metres and are up to 800m long.
	They have similar persistence down-dip
	within the faults and have been
	intersected in several holes as deep as
	400m below surface, albeit it only in the
	order of 0.5m wide at that depth.
•	The stockworks tend to occur adjacent
	to the main faults and are dominantly
	hosted by the brittle sandstone unit,
	although reasonable stockwork veining

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

				sometimes occurs in the dolerites. Best
				fluorite intersections occur where the
				main northerly trending faults contain
				fluorite in the form of veins and
				breccias, and the adjoining wall rocks
				(usually hanging wall) contain
				sandstone hosted stockwork veining.
				The en-echelon vein systems usually
				have a lower density of veining than the
				stockwork and hence a lower fluorite
				grade globally.
			•	The fluorite veins are younger and
				crosscut the earlier quartz-feldspar
				veins, as seen in the photo above. They
				also often form co-axially in the center
				of the quartz-feldspar veins, and as
				vugh fill within them and in the matrix of
				quartz-feldspar vein breccia. Later
				carbonate veins crosscut all earlier
				features. Carbonate and quartz also
				infills voids in the fluorite veins, and
				occasionally quartz veinlets cut across
				fluorite veins. The fluorite is dominantly
				green to whitish in colour with less
				common purplish fluorite. In outcrop it
				weathers to grayish-white. It is
				generally coarsely crystalline often with
				euhedral crystals infilling open-spaces.
				The greenish flourite appears to be
				youngerthanthe purplevariety.
Drill hole Information	•	A summary of all information material to the understanding of	•	See Appendix A
		the exploration results including a tabulation of the following
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above
		sea level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the basis that
		the information is not Material and this exclusion does not
		detract from the understanding of the report, the Competent
		_Person should clearly explain why this is the case. _
Data aggregation	•	In reporting Exploration Results, weighting averaging	•	The holes were drilled for metallurgical
methods		techniques, maximum and/or minimum grade truncations (eg		testwork, drill hole data and evaluation
		cutting of high grades) and cut-off grades are usually Material		are not reported in this release
		and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high
		grade results and longer lengths of low grade results, the
		procedure used for such aggregation should be stated and
		some typical examples of such aggregations should be shown
		in detail.
	•	The assumptions used for any reporting of metal equivalent
		values should be clearly stated.
Relationship between	•	These relationships are particularly important in the reporting of	•	The holes were drilled for metallurgical
mineralisation widths		Exploration Results.		testwork, drill hole data and evaluation
and intercept lengths	•	If the geometry of the mineralisation with respect to the drill		are not reported in this release
		_hole angle is known, its nature should be reported. _

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

	•	If it is not known and only the down hole lengths are reported,
		there should be a clear statement to this effect (eg ‘down hole
		length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of	•	The holes were drilled for metallurgical
		intercepts should be included for any significant discovery		testwork, drill hole data and evaluation
		being reported These should include, but not be limited to a		are not reported in this release
		plan view of drill hole collar locations and appropriate sectional
		views.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is	•	The holes were drilled for metallurgical
		not practicable, representative reporting of both low and high		testwork, drill hole data and evaluation
		grades and/or widths should be practiced to avoid misleading		are not reported in this release
		reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be	•	The holes were drilled for metallurgical
exploration data		reported including (but not limited to): geological observations;		testwork, drill hole data and evaluation
		geophysical survey results; geochemical survey results; bulk		are not reported in this release
		samples – size and method of treatment; metallurgical test
		results; bulk density, groundwater, geotechnical and rock
		characteristics; potential deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned further work (eg tests for	•	See body of announcement.
		lateral extensions or depth extensions or large-scale step-out
		drilling).
	•	Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling
		areas, provided this information is not commercially sensitive.

==> picture [596 x 68] intentionally omitted <==

==> picture [596 x 127] intentionally omitted <==

Appendix A: Drill hole information

Drillhole	Easting	Northing	RL	Dip	Azimuth	Hole Length
SFM24_005	10047.7	11088.1	226.1	-60.0	288.8	90
SFM24_006	10071.6	11326.9	218.8	-55.0	289.7	130.1
SFM24_012	10059.2	11226.8	226.4	-60.0	289.0	90.5
SFM24_017	10014.2	10601.5	221.7	-60.0	289.0	80
SFM24_018	10058.9	11037.9	225.6	-60.0	288.8	70

==> picture [596 x 68] intentionally omitted <==